Bitcoin (BTC) price has been trading in a tight range between $90,000 and $100,000, but recent on-chain data reveals a significant shift in market dynamics. Mid-sized whales, also known as “sharks” (wallets holding 100–1,000 BTC), have been quietly reshaping the market by aggressively accumulating Bitcoin. According to Glassnode, these entities have ramped up their accumulation since July 2025, pushing their total holdings to a fresh all-time high of over 3.65 million BTC. This growing concentration of supply in stronger hands could potentially impact Bitcoin’s next major price move.
Shark Accumulation at Record Highs
The latest data indicates that shark entities are not just accumulating Bitcoin, but doing so at the fastest pace seen this year. The Shark Net Position Change has turned strongly positive, signifying that these holders are consistently adding to their stacks rather than selling into rallies. This type of accumulation typically precedes major bullish phases in Bitcoin, as it reflects strong conviction from entities with substantial capital at stake.
The data from Glassnode suggests that Bitcoin entities holding 100 to 1,000 BTC, known as ‘Sharks,’ have been progressively accumulating the token. In the past seven days alone, their holdings have increased by nearly 65,000 BTC, with total holdings reaching nearly 3.65 million. This aggressive buying from large holders is driving BTC net supply into a deficit, as these holders absorb both new issuance and secondary market coins.
Why It Matters for Bitcoin’s Price
Bitcoin has managed to hold above the critical $112,000 support level, which has acted as a strong demand zone recently. Additionally, the recent move above $113,800 has attracted significant buying interest, leading to a shift in momentum in favor of the bulls. This suggests a potential continuation of a breakout, provided that Bitcoin can clear a major resistance level to move above bearish influence.
Bitcoin is currently consolidating around $113,957, with Bollinger Bands indicating a potential volatility-driven move. Key resistance levels are situated at $114,827 and $118,617. A breakout above $115,000 could pave the way for a short-term target range of $120,000–$125,000. On the downside, immediate support levels are at $113,345, followed by $107,274 and $103,950. A breakdown below $103,000 could extend losses towards $98,200. Overall, maintaining support above $113,000 keeps the bias bullish, with the next upside target set at $125,000.